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ORLANDO-Timeshare developer David A. Siegel has plucked another plum for his stable of steady revenue-producing leisure properties in the acquisition of Coral Sands Resort, a 25-year-old, 46-unit property that Orlando-based Sunterra Corp. is shedding before moving its headquarters to Las Vegas in December.

Siegel’s staff didn’t respond to a phone or e-mail request for details on the acquisition. But Orlando area hospitality industry brokers intimate with the timeshare industry tell GlobeSt.com Siegel paid a minimum $5 million for the property or at least $110,000 per room.

The replacement cost for a comparable luxury leisure product in mid-Miami Beach is about $200,000 per room, area construction industry estimators tell GlobeSt.com on condition of anonymity.

“No wonder he doesn’t want to give you the purchase price until it’s recorded,” a construction industry subcontractor in Miami tells GlobeSt.com.

The property has undergone a $10 million facelift at its 3611 Collins Ave. site, according to a prepared statement from Westgate Resorts, the timeshare development arm of Siegel’s holding company, Central Florida Investments Inc.

The acquisition is Westgate’s fourth Florida property in the last 10 months.

Siegel plans to rename the property Westgate South Beach. He already has an equity interest in another Miami Beach asset, Westgate Newport Beachside Resort at 16701 Collins Ave., North Miami Beach.

Coral Sands has 36 one-bedroom/one-bath units and 10 two-bedroom/two bath units, all with full kitchens. Siegel or his staff couldn’t be reached to learn how much the units will be selling for per week.

But Miami Beach brokers familiar with the property tell GlobeSt.com on condition of anonymity the per-week prices probably will be in the $12,000 to $18,000 range.

Siegel’s statement says Interval International has ranked Coral Sands as a five-star resort. “It’s a jewel,” says the 63-year-old Siegel who was born, educated and started his business career in Miami Beach with other members of his family before relocating to Orlando 30 years ago.

“Because our company strives to provide the highest quality vacation experience to the widest variety of customers, the purchase of this property was ideal since it adds another dimension to the type of vacation we are able to offer our 200,000 current owners,” Siegel says in the statement.

Orlando and Miami hospitality industry consultants and brokers tell GlobeSt.com the Coral Sands acquisition is a perfect fit for Siegel’s growing portfolio of vacation ownership properties.

“He was at the right place at the right time” to buy the asset from Sunterra, a Miami Beach broker tells GlobeSt.com. “He seems to be living under a silver lining.”

Westgate Resorts operates 14 properties in Central Florida, Miami Beach, Las Vegas, Gatlinburg, TN and Park City, UT. Central Florida Investments averages sales of $300 million per year, according to previous statements from the company.

Once an international timeshare development leader with 89 class A properties, Sunterra is down to 76 assets–46 U.S.-owned locations and 30 European sites. Cypress Pointe Resort in Orlando is one of the company’s more successful properties.

Sunterra voluntarily filed for Chapter 11 protection under the U.S. Bankruptcy Code May 31, 2000, listing liabilities of $850 million and assets of $1 billion. Sunterra emerged from Chapter 11 on July 29 of this year.

The company’s common stock hasn’t resumed trading on the Nasdaq as of Sept. 10.

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